December 11, 2013 in Congress, Debt Crisis, Debt Limit, Depression, Economic Deception, Economy, Political Class, Political Deception, Political Incompetence, Quantitative Easing, Republicans Vs. Tea Party, Sequestration, Taxiation with Representation
We have a Bipartisan “Deal” in Congress that will roll back the Sequester and add back at least $63B in additional Debt. The “Deal” will result in raising Revenue to offset the new spending and to make it appear like spending has been reduced! For those of you that don’t understand the Washington jargon, raising “Revenue” means raising “Taxes”.
When our good friend of Liberty and Fiscal Responsibility, Louie Gohmert (R-TX) has qualms about the ” Deal”, then Houston, we have a problem!
The “Deal” is great for most of our “Political Class” on both sides of the aisle that just want to continue their comfy spending habits without any accountability, interference or distressing phone calls from their constituents. Hence, this “Deal compromise” promises to exacerbate and accelerate our present economic ticking time-bomb.
On his “The Economic Collapse Blog” of December 10th, 2013, with our economy in such a precarious situation, Michael Snyder asks, How Far Will Stocks Fall This Time When The Fed Decides To Slow Down Quantitative Easing? Read his article at http://theeconomiccollapseblog.com/archives/how-far-will-stocks-fall-this-time-when-the-fed-decides-to-slow-down-quantitative-easing
We already have a monumental Federal Deficit of $17.2 Trillion and super-Monumental Unfunded Liabilities of anywhere between $60 and $90 Trillion “…or 550 percent of our GDP. And the debt per household is more than 10 times the median family income.”
Folks, we have Local, State and Federal Governments that are totally out of control and are literally taxing us to death and a Federal Reserve that has been feeding $85 B/ month in Quantitative Easing into our banking system. Every time the Fed attempts to withdraw what some characterize as the QE “Heroin Fix” our economy pulls back. Will the imminent pull back by the Federal Reserve of of QE3 be the trigger that will plunge us into an unprecedented economic Collapse?
Whatever the case, as you will see from the following signs, Americans can no longer afford the debt being placed upon us and future generations by our Legislators without some sort of personal financial buckling!
The time has come to stand up and be counted. Enough is Enough! Our Governments continue to squander and misappropriate our hard earned treasure on cronyism. Career Congressmen and Senators become multimillionaires while working as public servants.
Meanwhile, the “Standard of Living” for American who work deteriorates as both the “Government class” and their rapidly growing “class of non-producer perpetrators” at the Local, State and Federal levels continue to feed on and to suck the “Systems” dry.
The following are the first 10 signs that Americans will be wiped out by an Economic Collapse and are excerpted from an article by Michael Snyder, on June 24th, 2013, in his Economic Collapse Blog at : http://theeconomiccollapseblog.com/archives/how-far-will-stocks-fall-this-time-when-the-fed-decides-to-slow-down-quantitative-easing
#1 According to a survey that was just released, 76 percent of all Americans are living paycheck to paycheck. But most Americans are acting as if their jobs will always be there. But the truth is that mass layoffs can occur at any time. In fact, it just happened at one of the largest law firms in New York City.
#2 27 percent of all Americans do not have even a single penny saved up.
#3 46 percent of all Americans have $800 or less saved up.
#4 Less than one out of every four Americans has enough money stored away to cover six months of expenses.
#5 Wages continue to fall even as the cost of living continues to go up. Today, the average income for the bottom 90 percent of all income earners in America is just $31,244. An increasing percentage of American families are just trying to find a way to survive from month to month.
#6 62 percent of all middle class Americans say that they have had to reduce household spending over the past year.
#7 Small business is becoming an endangered species in America. In fact, only about 7 percent of all non-farm workers in the United States are self-employed at this point. That means that the vast majority of Americans are depending on someone else to provide them with an income. But what is going to happen as those jobs disappear?
#8 In 1989, the debt to income ratio of the average American family was about 58 percent. Today it is up to 154 percent.
#9 Today, a higher percentage of Americans are dependent on the government than ever before. In fact, according to the U.S. Census Bureau 49 percent of all Americans live in a home that gets direct monetary benefits from the federal government. So what is going to happen when the government handout gravy train comes to an end?
#10 Back in the 1970s, about one out of every 50 Americans was on food stamps. Today, about one out of every 6.5 Americans is on food stamps.